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Sep 30, 2023
Lyell Immunopharma Q3 2023 Earnings Report
Lyell Immunopharma reported financial results for the third quarter ended September 30, 2023.
Key Takeaways
Lyell Immunopharma reported a net loss of $50.9 million for the third quarter ended September 30, 2023, compared to a net loss of $70.3 million for the same period in 2022. The company's cash, cash equivalents and marketable securities were $598.2 million as of September 30, 2023, which is expected to fund operations into 2027. They are prioritizing investment in core clinical candidates and research platform value drivers as well as de-prioritizing selected early-stage research programs
Extended funding of operations into 2027 by prioritizing investment in core clinical candidates and research platform value drivers as well as de-prioritizing selected early-stage research programs
Remain on track to release initial clinical data from two clinical-stage product candidates in 2024
Entered into proof-of-concept manufacturing collaboration with Cellares for CAR T-cell product candidate
Presented six abstracts at SITC highlighting innovations designed to shorten TIL manufacturing, new nonclinical data on LYL119, new technologies and the design of ongoing clinical trials for LYL797 and LYL845
Lyell Immunopharma
Lyell Immunopharma
Forward Guidance
Lyell believes that its cash, cash equivalents and marketable securities balances will now be sufficient to meet working capital and capital expenditure needs into 2027 while continuing to advance its clinical programs.
Positive Outlook
- Advancing a diverse pipeline of cell therapies for patients with solid tumors.
- Currently enrolling a Phase 1 clinical trial evaluating a ROR1-targeted CAR T-cell therapy in patients with relapsed refractory triple-negative breast cancer and non-small cell lung cancer (NSCLC)
- Enrolling a second Phase 1 clinical trial evaluating reprogrammed tumor infiltrating lymphocytes (TIL) in patients with advanced melanoma, NSCLC and colorectal cancer.
- Applying its proprietary ex vivo genetic and epigenetic reprogramming technologies to address these barriers in order to develop new medicines with improved durable clinical outcomes.
- Cash, cash equivalents and marketable securities balances will now be sufficient to meet working capital and capital expenditure needs into 2027
Challenges Ahead
- Effects of geopolitical instability
- Macroeconomic conditions and the lingering effects of the COVID-19 pandemic
- Limited experience as a company in enrolling and conducting clinical trials, and lack of experience in completing clinical trials
- Significant uncertainty associated with Lyell’s product candidates ever receiving any regulatory approvals
- Sufficiency of Lyell’s capital resources and need for additional capital to achieve its goals